Correlation Between Hyatt Hotels and Sixt SE
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By analyzing existing cross correlation between Hyatt Hotels and Sixt SE, you can compare the effects of market volatilities on Hyatt Hotels and Sixt SE and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Hyatt Hotels with a short position of Sixt SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hyatt Hotels and Sixt SE.
Diversification Opportunities for Hyatt Hotels and Sixt SE
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hyatt and Sixt is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Hyatt Hotels and Sixt SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sixt SE and Hyatt Hotels is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Hyatt Hotels are associated (or correlated) with Sixt SE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sixt SE has no effect on the direction of Hyatt Hotels i.e., Hyatt Hotels and Sixt SE go up and down completely randomly.
Pair Corralation between Hyatt Hotels and Sixt SE
Assuming the 90 days trading horizon Hyatt Hotels is expected to generate 1.01 times more return on investment than Sixt SE. However, Hyatt Hotels is 1.01 times more volatile than Sixt SE. It trades about 0.06 of its potential returns per unit of risk. Sixt SE is currently generating about 0.02 per unit of risk. If you would invest 9,597 in Hyatt Hotels on September 3, 2024 and sell it today you would earn a total of 5,128 from holding Hyatt Hotels or generate 53.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hyatt Hotels vs. Sixt SE
Performance |
| Timeline |
| Hyatt Hotels |
| Sixt SE |
Hyatt Hotels and Sixt SE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hyatt Hotels and Sixt SE
The main advantage of trading using opposite Hyatt Hotels and Sixt SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hyatt Hotels position performs unexpectedly, Sixt SE can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Sixt SE will offset losses from the drop in Sixt SE's long position.| Hyatt Hotels vs. Dairy Farm International | Hyatt Hotels vs. Eidesvik Offshore ASA | Hyatt Hotels vs. Nufarm Limited | Hyatt Hotels vs. BW OFFSHORE LTD |
| Sixt SE vs. The Trade Desk | Sixt SE vs. FLOW TRADERS LTD | Sixt SE vs. Hyatt Hotels | Sixt SE vs. SALESFORCE INC CDR |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Equity Valuation module to check real value of public entities based on technical and fundamental data.
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